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State of Markets - NSW June 2012

01 June 2012 Reporter

Essential information, plus expert insight on what is shaping the national property market...

NEW SOUTH WALES

Dubbo to grow on back of investments

With the recent announcement of construction of the Riviera Shopping Centre on Dubbo’s Macquarie Street, which will include a shopping centre, five-star motel, offices, two levels of alfresco dining and executive apartments, property developers are adamant the boost to retail will bring more people to the city.

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The Cobbora Coal Project and Tomingley Gold Project will also be key growth drivers in coming years, increasing Dubbo’s appeal to property investors.

The Real Estate Institute of NSW’s Orana divisional chairman, Rod Crowfoot, said Urban Development Institute of Australia statistics show population growth in NSW, with Dubbo residents building between 150 to 200 new homes per year.

“There will soon be great employment opportunities in the retail and mining industries, thanks to the boost in retail across Dubbo,” he said, adding that the city now needs more land releases and construction.

Hurstville plans to be Sydney’s second biggest CBD

Hurstville city council has announced that they are looking to take Parramatta’s spot as the second biggest CBD in Sydney with tens of millions being spent on infrastructure and developments.

Hurstville mayor Steve McMahon told Smart Property Investment that $17 million had already been spent on a transport interchange that had just been opened with the majority of money being poured in by council has so far been spent on a train-bus interchange.

“We’ve redeveloped the retail sector of Hurstville station, which is one of the biggest stations on the cityrail network outside the city circle,” Cr McMahon said.

“We have acquired a former warehouse ‘bargain store’ for $9 million. That will be demolished and turned into a town square for people to have lunch, with lots of space and cafes.”

“The arcade next door is going to be turned into a ‘retail down the bottom commercial up the top’ style building, which will complement the new town square,” Cr McMahon said.